Jaime Gilinski Bacal
Jaime Gilinski Bacal (born December 14, 1957) is a Colombian banker, investor, and real estate developer who has built one of the largest banking empires in Latin America through a series of aggressive mergers and acquisitions. He is the controlling shareholder of Banco GNB Sudameris, Colombia's fourth-largest bank, and maintains a 53% stake in British lender Metro Bank.
A third-generation member of one of Colombia's wealthiest families, Gilinski made international headlines in 2021 and 2022 when he launched hostile takeover bids for two of Colombia's most important conglomerates - food giant Grupo Nutresa and financial holding Grupo Sura - upending decades of stable corporate control in Colombian business.
According to Forbes, he is the second richest person in Colombia, with an estimated net worth of US$10.7 billion as of 2025. In 2024, President Gustavo Petro honored him as Colombia's Entrepreneur of the Year during a ceremony at the exclusive El Nogal club in Bogotá.
Early life and family
Jaime Gilinski Bacal was born on December 14, 1957, in Cali, Colombia, into a prominent banking family. He is the son of Isaac Gilinski Sragowicz, a banker whose own father was a Lithuanian Jewish immigrant to Colombia.
The family's corporate presence in Colombia began when his grandfather, Isaac Gilinski, immigrated from Lithuania and founded Buffalo Tanneries in the Piedecuesta municipality of Santander. From these modest beginnings, the family gradually built banking and financial interests that would eventually span Latin America.
Growing up in one of Colombia's wealthiest families, Jaime was exposed to business from an early age and was groomed to continue the family's banking legacy.
Education
Gilinski pursued his education in the United States, attending the Georgia Institute of Technology, where he earned a Bachelor of Science degree in Industrial Engineering in 1978.
He then attended Harvard Business School, one of the world's most prestigious business programs, earning his MBA in 1980. His Harvard education would prove valuable throughout his career and has influenced his philanthropic giving, which includes substantial support for the university.
Early career
After graduating from Harvard Business School, Gilinski began his career in the United States, working in the mergers and acquisitions division of Morgan Stanley, one of Wall Street's leading investment banks. This experience provided him with the deal-making skills and financial sophistication he would later use to build his Latin American banking empire.
Career
BCCI acquisition and Banco Andino (1990s)
Gilinski's first major banking deal came in the early 1990s following the global collapse of the Bank of Credit and Commerce International (BCCI), which had been shut down by regulators in 1991 amid revelations of massive fraud.
Gilinski acquired BCCI's Colombian assets for a nominal sum and renamed the entity Banco Andino. Within four years, he transformed the troubled acquisition into one of the most efficient banks in the Colombian banking system. The Gilinski Group subsequently sold the reconstituted bank for a reported $70 million - an exceptional return on a distressed acquisition.
Banco de Colombia privatization (1994-1997)
The family's biggest deal of the era was the acquisition of Banco de Colombia, then the country's largest bank. In 1994, Jaime Gilinski and his father Isaac led a group of investors that purchased the bank from the government for $365 million - the largest privatization in Colombian history at that time.
Jaime and Isaac each collected $418 million after leading this investor group. However, in 1997, they sold their 51% stake to Banco Industrial Colombiano of Antioquia, and the entities merged to form Bancolombia.
This sale would later become a source of controversy. The Gilinskis expressed discomfort at how the transaction developed, claiming that part of the payment was made with the investors' own money. Despite legal challenges, the banker lost his fight and was left without any stake in the merged bank. Many observers believe Gilinski's later aggressive moves against Grupo Empresarial Antioqueño were motivated by a desire to settle this old score.
Building GNB Sudameris
After the Bancolombia experience, Gilinski set about building a new banking empire from scratch.
In 2003, he purchased Sudameris from Italian bank Intesa Sanpaolo. He then merged it with Servibanca and Banco Tequendama (which he acquired from Peru's Banco del Credito). In 2012, Sudameris paid approximately $400 million to purchase Latin American assets from HSBC, further expanding its regional footprint.
Today, Banco GNB Sudameris is Colombia's fourth-largest bank, with 55 trillion Colombian pesos (approximately $12.5 billion) in assets as of December 2024.
Metro Bank acquisition (2023)
In 2023, Gilinski made a major move into European banking when he took control of Metro Bank, a struggling British lender facing a serious liquidity crisis.
Metro Bank faced potential collapse until a £925 million rescue package was assembled. Gilinski's investment vehicle, Spaldy Investments, contributed £102 million (approximately $124 million) to the £325 million equity portion of the recapitalization, increasing his stake to 53% from a previous 9% holding.
Gilinski sought and received an exemption from UK takeover rules that would normally require him to bid for the entire company when taking a controlling stake. He joined Metro Bank's board as a non-executive director, and his daughter Dorita Gilinski also serves on the board.
As of 2024, Gilinski has indicated openness to selling his Metro Bank stake after the bank's share price rose approximately 140% following the recapitalization.
Grupo Nutresa and Grupo Sura takeover battles
The hostile takeover bids (2021-2022)
In November 2021, Gilinski shocked Colombian financial markets by launching a hostile takeover bid for Grupo Nutresa, one of the largest food processing companies in Latin America and a crown jewel of Grupo Empresarial Antioqueño (GEA), the powerful Medellín-based conglomerate.
The offer, backed by Abu Dhabi's Royal Group, was valued at approximately $2.2 billion for up to 62.625% of Nutresa's shares.
Three weeks later, Gilinski made another audacious move, launching a public tender offer for up to 31.68% of Grupo Sura, one of Latin America's largest financial conglomerates, at a cost of up to $1.19 billion.
The market described these developments as "a history of intrigue, revenge and desire for power."
GEA's response
Grupo Empresarial Antioqueño considered the offers hostile and began seeking competing bids from other economic groups to block Gilinski's advance.
The battle escalated into legal warfare. Grupo Nutresa filed criminal complaints with Colombia's Attorney General alleging irregularities in how court cases filed by Gilinski's holding companies were distributed. Four judicial officials were called for questioning due to possible irregularities.
Grupo Sura stated they had "seen irregularities" and appealed decisions issued by Colombian financial regulators related to Gilinski's tender offers.
Resolution
After a year, six months, and 14 days of corporate warfare, Colombia's Grupo Gilinski and Grupo Empresarial Antioqueño signed a peace agreement.
Regarding Grupo Sura, the Gilinskis remained the largest shareholder with 31.5%, while Grupo Argos held 27.7%. However, the second takeover bid for Grupo Nutresa concluded without meeting its minimum target, as the Gilinskis only increased their share by 3.11% when they had aimed for at least 18%.
Each party committed to withdrawing the lawsuits initiated during the battle for control.
In a tender offer finalized in April 2024, Gilinski and his partners ultimately reached 99.38% ownership in Nutresa. As of 2024, the market capitalization of Grupo Nutresa is approximately US$14 billion.
Controversies
Bancolombia dispute
The 1997 sale of Banco de Colombia to what became Bancolombia remains a point of contention. The Gilinskis claimed they were not properly compensated and that part of the payment was made improperly. Legal challenges proved unsuccessful, leaving Gilinski without any stake in the merged institution. Many observers believe his later moves against GEA were motivated at least in part by this perceived injustice.
Hostile takeover allegations
The Nutresa and Sura takeover attempts generated significant controversy regarding alleged irregularities in judicial proceedings and potential manipulation of regulatory processes. While no charges were ultimately filed against Gilinski, the episode raised questions about corporate governance and the integrity of Colombian institutions.
Political connections
The Gilinski family has been closely associated with Uribismo, the political movement of former President Álvaro Uribe. Gilinski's father, Isaac Gilinski Sragowicz, served as Colombia's ambassador to Israel during the Uribe administration and later as ambassador to the United Nations Mission during President Santos's first government.
The family's 2021 acquisition of Semana Magazine, one of Colombia's most influential news publications, was viewed by some observers as an effort to establish a right-wing-conservative media presence.
Personal life
Marriage and family
Jaime Gilinski is married to Raquel Gilinski. The couple has four children.
The family's primary residence is in London, but they maintain properties in New York, Panama, Miami, and Colombia. Gilinski's daughter Dorita serves on the board of Metro Bank.
Religious and cultural background
Gilinski comes from a Jewish family with roots in Lithuania. The family has been active supporters of Jewish institutions and causes, including the Hillel Community Day School in North Miami Beach.
Philanthropy
Jaime and Raquel Gilinski are extensively involved in philanthropy, with a particular focus on education and healthcare.
Healthcare
Mount Sinai: The Raquel and Jaime Gilinski Department of Obstetrics, Gynecology and Reproductive Science at Mount Sinai in New York advances women's healthcare through research and patient care.
Fundación Santa Fe: In the 1990s, the Gilinski family contributed US$8 million to Fundación Santa Fe, supporting Santa Fe Hospital in Bogotá, recognized as Colombia's most technologically advanced medical facility.
Education
Harvard University: Through the Jaime and Raquel Gilinski Endowment, the family supports the David Rockefeller Center for Latin American Studies. They have also established the Jaime and Raquel Gilinski Fellowship at Harvard Business School, awarded to MBA students from Colombia and Panama.
The Smart Gilinski Foundation: Founded in 2016, this nonprofit focuses on improving education quality in Colombia through innovative learning strategies and expanding access to education.
Hillel Community Day School: The Jaime and Raquel Gilinski Hillel Ambassador Program awards up to 15 merit-based scholarships annually at this North Miami Beach school.
Net worth
As of 2025, Forbes estimates Jaime Gilinski Bacal's net worth at approximately US$10.7 billion, making him the second richest person in Colombia behind Luis Carlos Sarmiento Angulo.
His net worth increased significantly from $7.81 billion in 2024, reflecting successful acquisitions and market appreciation of his holdings.
His wealth derives primarily from:
- Banco GNB Sudameris (banking)
- Metro Bank UK (53% stake)
- Grupo Nutresa (food processing)
- Grupo Sura (financial services)
- Real estate holdings across multiple countries
Legacy
Jaime Gilinski's legacy is defined by several elements:
Deal-making prowess: His ability to acquire, restructure, and profit from distressed banking assets - from BCCI's Colombian remnants to Metro Bank - demonstrates exceptional deal-making skills.
Challenging the status quo: His hostile takeover of Nutresa and Sura challenged decades of comfortable cross-shareholding arrangements in Colombian business, potentially opening the market to more dynamic capital allocation.
Regional banking expansion: He built GNB Sudameris from a collection of acquisitions into a significant regional bank.
Controversy: His aggressive tactics have made him a polarizing figure in Colombian business, admired by some for his boldness and criticized by others for his methods.
See also
- Banco GNB Sudameris
- Grupo Nutresa
- Grupo Sura
- Metro Bank (United Kingdom)
- Isaac Gilinski
- Grupo Empresarial Antioqueño
References